DPC 1.41% 35.0¢ dorchester pacific limited

Ann: ALLOT: DPC: Dorchester - Turners Takeover

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    					DPC
    30/10/2014 15:19
    ALLOT
    
    REL: 1519 HRS Dorchester Pacific Limited
    
    ALLOT: DPC: Dorchester - Turners Takeover
    
    30 October 2014
    Company Announcement
    
    DORCHESTER ALLOTMENT OF SHARES AND BONDS FOR TURNERS TAKEOVER
    COMPULSORY ACQUISITION DOCUMENTS TO BE MAILED 3 NOVEMBER 2014
    
    Allotment of Shares and Bonds
    
    Dorchester Pacific Limited (NZX : DPC) advises it has issued 121,769,205
    ordinary shares and 22,593,065 $1.00 bonds pursuant to the recent capital
    raising and as consideration for acceptances of the takeover offer for
    Turners Group NZ Limited.
    
    Details of the allotments for the purposes of NZX Main Board Listing Rule
    7.12.1 are attached.
    
    Acceptances and Consideration Mix
    As at 12.00 pm today acceptances have been received which, together with
    Dorchester's existing shareholding, represents 90.1% of the shareholding in
    Turners Group NZ Limited.
    Of the acceptances to date the consideration has been taken up as;
    
    Cash   50%
    Dorchester Bonds 27%
    Dorchester Shares 23%
    
    With the higher take up in shares and bonds, a lower level of bank funding
    has been required to settle the acceptances to date.   Assuming the remaining
    10% shareholding in Turners is acquired for cash, the full takeover of
    Turners would be funded by $13 million of bank debt compared to the earlier
    estimate of $18 million.
    
    Compulsory Acquisition
    
    Having reached the 90% control threshold, compulsory acquisition provisions
    of the Takeovers Code now apply.
    
    A Compulsory Acquisition Notice and Instrument of Transfer will be mailed to
    remaining Turners shareholders on Monday 3rd November 2014.  The Instrument
    of Transfer needs to be returned by Monday 24 November 2014.   The same
    consideration of cash, bonds or shares is available to Turners shareholders
    who have not accepted to date.  If the Instrument of Transfer is not
    returned, shareholders will receive the cash consideration which will be paid
    on their behalf to Turners.
    
    Dorchester CEO and Executive Director, Paul Byrnes said the acceptances to
    date and the successful capital raise indicated very positive support for the
    offer and the business strategy Dorchester has outlined.
    
    "We have achieved a 'best scenario' outcome and are hopeful remaining Turners
    shareholders also see the benefits of participating in the enlarged
    business".
    
    ENDS
    
    For further information please contact:
    
    Paul Byrnes
    CEO/Executive Director
    Dorchester Pacific Limited
    DDI: (09) 308 4988
    Mobile: 021 644 141
    
    Grant Baker
    Chairman
    Dorchester Pacific Limited
    Mobile: 021 729 800
    End CA:00257012 For:DPC    Type:ALLOT      Time:2014-10-30 15:19:32
    				
 
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